Tesla trade-ins spike amid anti-Elon Musk backlash, Edmunds data shows

In February, buyer interest in new Teslas dropped to 1.8%, its lowest point since October 2022. The number of car shoppers interested in purchasing the cars had peaked in November 2024, at 3.3%.

"Brand loyalty is becoming a bigger question mark as factors such as Elon Musk's increasing public involvement in government, Tesla depreciation concerns and its increased saturation in major metro areas leave some longtime owners feeling disconnected from the brand," Edmunds' head of insights Jessica Caldwell said in a statement to CBS MoneyWatch.